Disclosures

The ISG PAF – NIVA SPDS has been updated to v9.1 with the following changes:

– Section 1.1 has been amended to state that NIVA will hold the underlying assets of the NIVA Class Units and set out further in the diagrammatic illustration in section 7.3;

– Addition of new risk of License Risk (referenced in sections 1.1, 1.2, 8.1, 8.2);

– Sections 1.2, 2.6, 3.4, 8.4 and 11.7 have been amended in respect of the investment term and to detail that investment term may be extended due to delays in the return of capital;

– Sections 1.2, 3.4 and 8.4 have been amended to highlight the liquidity risk as well as direct amendment to the liquidity risk section;

– Section 6.1 has been amended to state ‘this detailed financial information is provided to assist ISG’s Investors to make informed decisions. In addition to this, ISG recommends that Investors obtain independent advice from a licensed financial adviser in conjunction with reviewing this SPDS.’;

– Section 6.5 has been amended to confirm the interest that Investors have in the Niva Class Units have in the Noble Life – Carindale development;

– Section 6.6 has been amended to confirm the interest that Investors in the Niva Class Units have in the Noble Life – Varsity Lakes development;

– Sections 6.7, 6.8, 6.9, 6.10, 6.11 and 6.12 have been amended to confirm the interest that Investors in the Niva Class Units have in the various elements of the New Norfolk development;

– Further details when third party independent experts can be included in an SPDS, per the Corporations Act (referenced in section 8.8);

– Sections 2.6, 3.4 and 11.7 discloses that the buyback of the NIVA REDPS is at the discretion of the NIVA directors (sections 2.6, 3.4 and 11.7);

– Section 2.6 has also been amended to clarify that the buyback of NIVA REDPS by NIVA is to be funded by the refinancing of debt facilities, in addition to its cash reserves or from the issue of new capital. This is to ensure that context is provided for the contributing drivers of the ‘Capital Return Risk’; and

– Section 13.14 has been amended to state ‘The role of the Custodian is to hold the assets of the Fund on trust’.

The ISG PAF – NIVA SPDS has been updated to v9.2 with the following changes:

– Section 1.1 has been updated to fix a typographical error relating to ‘*’ in the explanation of fees and to correct a typographical error from ‘8.7’ to ‘8.6’;

– Section 1.2 has been updated to insert that ‘Income distribution for any extension period will be paid at 15.87% per annum’ in section 1.2 and to correct a typographical error from ‘8.5’ to ‘8.4’;

– Section 2.6 has been amended and now refers investors to section 9.2 for further details regarding the buyback of NIVA REDPS by NIVA (funded by the refinancing of debt facilities, in addition to its cash reserves or from the issue of new capital);

– References to ‘Noble Life – New Norfolk (MHE)’ have been updated to ‘Noble Life at the Mills’ throughout the SPDS;

– Section 6.5 has been updated to state ‘(already acquired)’ when referring to the Noble Life – Carindale project and to fix a typographical error to state ‘The total cost to construct (including land) will be $59.3m’ instead of ‘$52.7m’;

– Section 6.6 has been updated to state ‘(under contract)’ when referring to the Noble Life – Varsity Lakes project;

– Section 6.8 has been updated to state ‘(already acquired)’ when referring to the Noble Life at the Mills project;

– References to ‘the Commercial Precinct’ have been updated to ‘The Mills Marketplace’;

– Section 6.11 has been updated to state ‘(already acquired)’ when referring to the Mills Marketplace project;

– Section 6.11 has been updated to change a reference from ‘Commercial precinct’ to ‘Hotel’; and

– Section 8.1 was amended to correct a typographical error from ‘8.7’ to ‘8.6’.